Economics Quiz For KVS Exams 2016-17


Q1. Sustainable development is a case of inter-generational sensibility
in respect of use of 
(a) natural resources 
(b) material resources 
(c) industrial resources 
(d) social resources


Q2. Which of the following is not a characteristic of a competitive
market?   
(a) There are many buyers and sellers in the market
(b) The goods offered for sales are largely the same 
(c) Firms generate small but positive super normal profits in the long
run 
(d) Firms can freely enter or exit the market 

Q3. Which of the following markets would most closely satisfy the
requirements for a perfectly competitive market? 
 
(a) Electricity 
(b) Cable television 
(c) Cola 
(d) Milk 

Q4. Mahalanobis Committee was appointed on to deal with
(a) Poverty eradication
(b) Standard of living
(c) National income
(d) Industrial sickness

Q5. The competitive firm maximizes profit when it produces output up to
the point where  
(a) Price equals average variable cost 
(b) Marginal revenue equals average revenue 
(c) Marginal cost equals total revenue 
(d) Marginal cost equals marginal revenue 

Q6. The market for hand tools (such as hammers and screwdrivers) is dominated
by Draper, Stanley, and Craftsman. This market is best described as 
 
(a) Monopolistic competitive 
(b) A monopoly 
(c) An oligopoly 
(d) Perfectly competitive  

Q7. A market structure in which many firms sell products that are
similar but not identical is known as  
(a) Monopolistic competition 
(b) Monopoly  
(c) Perfectly competitive   
(d) Oligopoly   

Q8. The concept of Economic Planning in India is derived from which
country?
(a) USA 
(b) UK
(c) Russia
(d) France

Q9. When an oligopolist individually chooses its level of production to
maximize its profits, it charges a price that is  
(a) More than the price charged by either monopoly or competitive
market 
(b) Less than the price charged by either monopoly or a competitive
market 
(c) More than the price charged by a monopoly and less than the price
charged by a competitive market 
(d) Less than the price charged by a monopoly and more than the price
charged by a competitive market.  

Q10. In the long-run equilibrium of a competitive market, firms operate
at  
(a) The intersection of the marginal cost and marginal revenue 
(b) Their efficient scale 
(c) Zero economic profit 
(d) All of these answers are correct 
                            

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